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BlackRock’s spot Bitcoin ETF has drawn significant volumes even as the debate about the currency is obviously fading.
Consistent Inflows for BlackRock’s Bitcoin ETF
Thomas Fahrer co-founder of the crypto analytics platform Apollo said that the BlackRock-issued iShares Bitcoin Trust (IBIT) attracted additional $107 million in inflows on July 18, marking the ninth consecutive day of positive inflows. Seldom seen in the ETF market, seven of the nine days had inflows more than $100 million.
Although the Bitcoin ETF of BlackRock draws large sums of money, crypto dealers show less hope. Positive comments regarding Bitcoin on social media have significantly dropped from four months ago, according blockchain market intelligence company Santiment. Also progressively shorting Bitcoin are traders expecting a further declining price.
Track social mood from sites like Reddit, X, 4chan, and BitcoinTalk. References to “buy the dip” exploded at the beginning of the month as on July 5 Bitcoin’s price began to plummet toward its near five-month low.
Although favorable Bitcoin references are declining, the Crypto Fear and Greed Index now ranks market mood in the “Greed” zone with a 60 out of 100 score. Having a 25 out of 100 score upon entering the “Extreme Fear” zone on July 12, the lowest since January 2023, this indicates a notable comeback from that zone.
Bitcoin has dropped 1.5% over the previous 24 hours but risen 11.5% over the past two weeks at $63,540 presently.
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